News: Front Section
Posted: July 22, 2022
Herz of Boston Realty Advisors handles two Cape Cod hotel sales totaling $12.6 million
Chatham, MA Boston Realty Advisors has represented owners or buyers in the sale of two boutique hotel properties, the Chatham Highlander Inn and the Chatham Seafarer Inn.
The luxury Cape Cod resort properties are the latest in a series of sales and purchase transactions handled by the Boston Realty Advisors team, which was led by Nicholas Herz, managing director and partner of the Capital Markets Group, since 2014.
In the latest transactions, Boston Realty Advisors represented Oceanview Holdings LLC in the sale of the Chatham Highlander Inn, at 946 Main St. It was purchased by TPG Hotels and Resorts. The price was $8.2 million.
Boston Realty Advisors, which is associated with the residential sales platform Advisors Living, also represented Oceanview Holdings LLC, the purchaser of the Chatham Seafarer Inn, at 2079 Main St., which was owned by Layn Walker LLC. Oceanview Holdings LLC completed a 1031 real estate investment exchange to purchase the Seafarer Inn. The price was $4.4 million.
Boston Realty Advisors represented Oceanview Holdings in both the sale of the Highlander Inn and the purchase of the Seafarer Inn.
The Chatham Highlander Inn is situated on three acres with two heated outdoor swimming pools and within walking distance of downtown.
The Chatham Seafarer Inn is a classic Cape Cod Inn with modern amenities and access to the rest of Cape Cod. The property has 22 rooms and has been renovated, including the additions of a new reception area, landscaping, updated utilities, and all new outdoor furniture.
“Our Capital Markets Group has been selling hotels throughout New England since 2014,” said Jason Weissman, founder and senior partner of Boston Realty Advisors. “Nick has done a great job leading our Capital Markets Team and in particular on these specialty hospitality assignments.”
The values of longtime individually owned properties have grown in recent years, and investors and companies owning multiple hospitality properties have been increasingly interested in acquiring single-property holdings or small portfolios.
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